EIA: U.S. crude oil imports from Venezuela in July were highest since 2017

U.S. imports of crude oil from Venezuela averaged 701,000 barrels per day in July 2026, the most since May 2017, the U.S. Energy Information Administration said. According to the agency's Petroleum Supply Monthly data, imports then decreased to 655,000 barrels per day in August.

The EIA said imports from Venezuela started the year at 200,000 barrels per day and have steadily increased in most months of 2026. The agency attributed the increase to high crude oil demand from U.S. refineries, driven by high global refinery margins, and to the easing of U.S. government restrictions on purchases from the country. Many refineries on the U.S. Gulf Coast are configured to process heavy sour crude grades such as those from Venezuela, the EIA said.

Citing data from Vortexa, the agency said most Venezuelan crude exports in 2025 went to China. In 2026, Venezuela has exported no crude oil to China, and the United States has been the largest single destination by volume.

According to the EIA, U.S. imports from Venezuela stopped shortly after sanctions were imposed on state oil company PDVSA in January 2019. Chevron received waivers in November 2022 and resumed exports to U.S. Gulf Coast refineries in January 2023. The EIA said the U.S. government eased restrictions on PDVSA following the capture of Venezuelan President Nicolas Maduro in January 2026 and authorized U.S. companies to invest in the country to increase Venezuelan domestic crude oil production.

Source: U.S. Energy Information Administration.

Originally published by True News: https://truenews.bagleyenterprises.net/stories/824